By Robb M. Stewart

Cameco logged a bigger-than-expcected rise in earnings profit for the last quarter of 2025 as a higher uranium price and contributions from its Westinghouse Electric venture more than offset a drop in uranium sales volumes.

The Canadian uranium producer's fourth-quarter net earnings rose to 199 million Canadian dollars (US$146.2 million), or C$0.46 a share, from C$135 million, or C$0.31, a year earlier.

On an adjusted basis, earnings climbed to C$217 million, or C$0.50 a share, topping the C$0.45 a share analysts polled by FactSet had forecast.

Revenue for the three months was 1.5% higher at C$1.20 billion, beating the C$1.11 billion mean forecast.

Uranium production for the latest quarter slipped to 6 million pounds from 6.1 million a year earlier, and the volume of the fuel sold declined 12% to 11.2 million pounds due to what the company said was the timing of sales.

The Saskatoon, Saskatchewan, company's uranium revenue slipped less than 1% to C$1.03 billion, but fuel services revenue was up 18% at C$174 million and Westinghouse revenue was up 14% to C$958 million.

The average price realized by the company for uranium was up 12% from the year before at US$65.53 a pound. Prices have risen steadily from lows earlier in the 2025, boosted by a fresh appetite for nuclear power and with the White House's efforts to reinvigorate America's nuclear energy industrial base.

Spot uranium prices began 2026 strongly, climbing above $100 a pound in January, the highest in almost a year, Sprott Asset Management said, pointing to strengthening momentum for the fuel that reflects policy-driven demand and intensifying supply constraints.

At least $80 billion of new nuclear reactors will be constructed across the U.S. under a new partnership between the U.S. government, Cameco, Brookfield Asset Management and the companies' jointly-owned Westinghouse Electric. That push to accelerate the deployment of nuclear power comes as artificial intelligence and data centers continue to drive up demand for energy.

"We saw renewed commitments to nuclear energy from governments, utilities and industrial energy users around the world," said Cameco Chief Executive Tim Goitzel. "That support was accompanied by increasing long-term contracting activity toward the end of the year, with a deepening focus on security of supply, and rising interest from existing and emerging nuclear markets, including traditional utilities and new industrial energy users that are considering nuclear."

Canada is the largest supplier of uranium to the U.S., accounting for about a quarter of total American utilities' purchases. Cameco has said its contracts include a clause that passes tariff costs on to the customers.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

February 13, 2026 08:14 ET (13:14 GMT)

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